Bharat Rasayan gains after board approves Rs 107 cr buyback

Bharat Rasayan rose 2.08% to Rs 10,566.15 after the company said that its board approved the proposal to buyback upto 93,472 shares at Rs 11,500 each.

Jan 13, 2021 09:01 IST capital market

The board of Bharat Rasayan on Tuesday (12 January 2021) approved a proposal to buyback upto 93,472 shares (2.2% of the total number of fully paid-up equity shares) at a price of Rs 11,500 per share, aggregating to amount not exceeding Rs 107.49 crore.

The buyback price is 11.1% premium to Tuesdays closing price of 10,350.40.

The board noted the intention of the promoters and promoters group of the company, to participate in the proposed buyback.

Bharat Rasayan serves a wide range of industries including but not limited to pharmaceuticals, bulk drugs, R&D, petrochemicals, flavors & fragrances and specialty chemicals.

Bharat Rasayans consolidated net profit dropped 35.4% to Rs 35.27 crore on a 12.9% decline in net sales to Rs 318.46 crore in Q2 September 2020 over Q2 September 2019.

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